savills im sells european portfolio

€579m of assets sold to multiple buyers

Assets sold across the Netherlands, Germany, Austria and France

Savills Fund Management GmbH, a subsidiary of Savills Investment Management, has sold seven assets in the Netherlands, four assets in Paris, two assets in Germany as well as one asset in Vienna. Total transaction market value amounts to c. EUR 579 million. CBRE and BNP acted on behalf of Savills Fund Management GmbH.

The Dutch assets make up a homogenous portfolio consisting of seven architecturally striking, well let office buildings with strong tenant loyalty and stable income. The lettable floor space of c. 60,000 m2 is let to seven companies. The assets are located in Randstad, an area in the west of the Netherlands, which consists of Greater Amsterdam and Rotterdam. Randstad is one of the largest metropolitan areas as well as one of the economically leading regions in Europe. The market value of the portfolio amounted to c. EUR 136 million. Signal Capital Partners LLP was the successful candidate in the structured bidding process.

In March, Savills Fund Management GmbH signed sale contracts for four office buildings in Paris. The assets were sold to two different parties. The portfolio consists of four properties in three locations with a total lettable floor space of around 57,000 sq m and are 87% let. The aggregated sale price is above the last determined market value of c. EUR 387 million. The assets were purchased by Deka Immobilien and J.P. Morgan Asset Management France.

In Germany, two assets were sold. One asset, located in Unterschleißheim, was sold to a private purchaser. The second asset in Stiftstraße 30 in Frankfurt was bought by a Munich-based project developer. The building is located in one of the best inner city locations of Frankfurt near the shopping street Zeil. The office building with around 4,700 s qm was built in the 1950s. Given its location, the building is suitable for high-rise residential development and the fund management was able to sell the asset for double its current market value.

The office building in Vienna provides for retail space on the ground floor and was built in 1989. It was extensively refurbished from 2006 to 2009. It is over 90% let and was sold for well over the last determined market value of c. EUR 38 million. The asset was bought by an open-ended Austrian real estate fund.

All the above assets were part of open-ended real estate funds in dissolution. 13 assets were part of the portfolio of the fund SEB ImmoInvest. One asset in the Netherlands was owned in equal parts by the portfolios of the funds SEB ImmoInvest and SEB Global Property Fund.

“With the sale of these 14 assets in four countries we successfully managed to considerably reduce the broadly diversified property portfolio. The fund management continues to work on the sale of further assets."